Editor explained “inflation” in this thread.
Here are additional titbits to expound on the term “inflation.”
No instances of “inflation” are found in KJV or the 9 other translations I checked.
Webster’s Dictionary of the English Language, 1828
The Century Dictionary, an Encyclopedic Lexicon of the English Language, 1895INFLA'TION, noun [Latin inflatio.] The act of inflating.
1. The state of being distended with air injected or inhaled.
2. The state of being puffed up, as with vanity.
inflation (in-fla'shon), n
1. The act of inflating or distending with air or gas.
2. The state of being inflated or distended; distention : as, the inflation of the lungs.
3. Undue expansion or elevation ; increase beyond the proper or just amount or value : as, inflation of trade, currency, or prices ; inflation of stocks (that Is, of the price of stocks).
4. The state of being puffed up; turgidness; pretentiousness ; conceit : as, inflation of style or manner.
Ballentine’s Law Dictionary, James A. Ballentine, Third Edition, 1969inflationist (in-fla'shon-ist),
One who inflates; one who causes or favors inflation ; specifically, in the United States, one who favors increased issues of paper money: opposed to contractionist.
Black’s Law Dictionary, 7th Edition, 1999inflation.
An economic condition characterized by rising prices and a decrease in the purchasing power of money. 22 Am J2d Damg § 87 27 Am J2d Em D § 274.
A general increase in prices coinciding with a fall in the real value of money.
- Cost-push inflation. Inflation caused by a rise in production costs.
- Demand-pull inflation. Inflation caused by an excess of demand over supply.
The pace of change in the prices of goods and services in a particular period. The primary indexes for measuring the rate are the Consumer Price Index and the Producer Price Index.
Whatever Happened to Penny Candy?, Richard Maybury, 1993
Anti-Thought Control Dictionary, Ben Williams“Inflation is an increase in the amount of money. Inflating (increasing) the supply of money causes the value of each unit of the money to go down. When the value of the money goes down, you need more of it to buy what you want. Prices rise.”
CONTROLLED MEANING: Higher prices, lower wages and devalued money. The cause is nearly impossible to pinpoint. Increased amount of currency in circulation, thus making the existing currency less valuable.
CORRECT DEFINITION: True inflation is caused by issuing more money than is needed to settle all debts and facilitate a sound economy. In reality it cannot happen under America's Federal Reserve System where every Fed Note issued is a debt to the Federal Reserve Bank. The FED does not create "money" per se; it creates debt. This makes it impossible for the FED to create true inflation. Furthermore, when you add usury on top of the original debt it makes it impossible to ever have enough money in circulation to settle debts. Thus we have debt buildup, not money buildup.
Today, we are often told we are suffering from too much money in circulation. The truth is America suffers from too much debt … not too much money. That is as the bankers have designed it to keep the public in debt and perpetually dependent upon them for loans.
The official definition of inflation is: "Too much money chasing too few goods." In other words, an over-supply of currency in circulation which causes over-bidding in the market place (more buyers than sellers), thus bidding up the prices. This would put too much money in the hands of the public, causing the market to be depleted of produce until prices raise enough to once again discourage buying, or until the money supply is depleted. This has never happened in America.
Inflation is a rare economic disorder that very rarely happens. When it does happen, it is usually a ploy by banks and governments to import counterfeit money into another country to debauch its currency and overthrow its government.
This is not a current danger in spite of half-baked predictions of so-called economists. America, and all other centrally governed nations, suffer from A LACK OF CURRENCY (depression), not too much currency (inflation). The cardinal rule of central banking is to keep the money supply low enough so that people remain dependant upon bank loans to keep themselves afloat. A sufficient supply of currency would undo the power of central banks and central governments.
“No Inflation of Prices” excerpted from A New Banking System; The Needful Capital For Rebuilding The Burnt District By Lysander Spooner, 1873
White House, OMB, Circular A‐94
Farm Relief and Inflation Act, May 12, 1933, ch. 25inflation - The proportionate rate of change in the general price level, as opposed to the proportionate increase in a specific price. Inflation is usually measured by a broad-based price index, such as the implicit deflator for Gross Domestic Product or the Consumer Price Index.
http://www.gpo.gov/fdsys/pkg/STATUTE-48 ... 8-Pg31.pdf
15 U.S. Code § 1022
15 U.S. Code § 1022e - Inflation(e) “Inflation”; “prices”; “reasonable price stability” defined
For the purpose of the Full Employment and Balanced Growth Act of 1978 [15 U.S.C. 3101 et seq.], the terms “inflation”, “prices”, and “reasonable price stability” refer to the rate of change or level of the consumer price index as set forth by the Bureau of Labor Statistics, United States Department of Labor.
QUOTES(a) Methods and requirements for achieving price stability
The Congress determines that the objective of achieving reasonable price stability as soon as feasible, as set forth in section 1022(a)(3) of this title and section 1022a(a) of this title, shall be pursued by the methods and subject to the requirements of section 1022b(b) of this title.
(b) Coordination of fiscal or monetary policies with specific targeted policies
The Congress finds that sole dependence upon fiscal or monetary policies or both to combat inflation can exacerbate both inflation and unemployment. The Congress finds that the coordinated use of fiscal and monetary policies in conjunction with specific targeted policies are necessary to combat inflation.
(c) Policy initiation and recommendations; elements of structural policies
The President shall initiate specific policies to reduce the rate of inflation, including recommendations to the Congress where necessary, and include recommendations within the Economic Report and the President’s budget to the extent practicable. Structural policies to reduce the rate of inflation may include—
an effective information system to monitor and analyze inflationary trends in individual economic sectors, so that the President and Congress can be alerted to developing inflation problems especially those caused by bottlenecks inhibiting the flow of goods and services;
programs and policies for alleviating shortages of goods, services, labor, and capital, with particular emphasis on food, energy, and critical industrial materials to aid in stabilizing prices;
the establishment of stockpiles of agricultural commodities and other critical materials to help stabilize prices, meet emergency needs, and promote adequate income to producers;
encouragement to labor and management to increase productivity within the national framework of full employment through voluntary arrangements in industries and economic sectors;
recommendations to increase competition in the private sector and to improve the economic climate for the creation and growth of smaller businesses, including recommendations to strengthen and enforce the antitrust laws, the patent laws, and the internal revenue laws and regulations;
removal or proper modification of such Government restrictions and regulations as added unnecessarily to inflationary costs;
increasing exports and improving the international competitive position of agriculture, business, and industry; and
such other administrative actions and recommendations for legislation as the President deems desirable, to promote reasonable price stability.
(Feb. 20, 1946, ch. 33, § 8, as added Pub. L. 95–523, title I, § 109, Oct. 27, 1978, 92 Stat. 1898.)
Inflation is taxation without representation.
Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.
Unemployment is ... a side effect of the cure for inflation.
Charles A. Lindbergh, Sr.:Central bankers always try to avoid their last big mistake. So every time there's the threat of a contraction in the economy, they'll over stimulate the economy, by printing too much money. The result will be a rising roller coaster of inflation, with each high and low being higher than the preceding one.
John Maynard Keynes:When the President signs this act [Federal Reserve Act of 1913], the invisible government by the money power -- proven to exist by the Monetary Trust Investigation -- will be legalized. The new law will create inflation whenever the trusts want inflation. From now on, depressions will be scientifically created.
George Bernard Shaw:Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens.
… Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.
Ayn Rand:If the governments devalue the currency in order to betray all creditors, you politely call this procedure 'inflation'.
Paul Volcker:Inflation is not caused by the actions of private citizens, but by the government: by an artificial expansion of the money supply required to support deficit spending. No private embezzlers or bank robbers in history have ever plundered people’s savings on a scale comparable to the plunder perpetrated by the fiscal policies of statist governments.
It is a sobering fact that the prominence of central banks in this century has coincided with a general tendency towards more inflation, not less. f the overriding objective is price stability, we did better with the nineteenth-century gold standard and passive central banks, with currency boards, or even with 'free banking.' The truly unique power of a central bank, after all, is the power to create money, and ultimately the power to create is the power to destroy.
Repeal the entire Banking Act of 1933, and Austrian School economists will cheer, especially if the current system were replaced by a 100%-reserve competitive banking with no central bank. That banking reform would give us a sound money system, meaning no more business cycle, bailouts, or inflation.
Vladimir Ilyich Lenin:
The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation.
If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them (around the banks), will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered.
Dr. Ron Paul:
Strictly speaking, it probably is not “necessary” for the federal government to tax anyone directly; it could simply print the money it needs. However, that would be too bold a stroke, for it would then be obvious to all what kind of counterfeiting operation the government is running. The present system combining taxation and inflation is akin to watering the milk; too much water and the people catch on.
It is the paper money created out of thin air that creates the unfair distribution of wealth that is making the middle class fall more behind and the poor more poor. Newly created money and credit in a paper money system benefits those that can access the money first and buy capital goods and real property at one price before the new money circulates and makes all prices go up. Wages also do not keep up with inflation and that creates another squeeze on the middle class.
Raymond J. Keating:
Monetary policy today is guided by little more than government fiat -- by the calculations, often mistaken economic theories, and whims of central bankers or, even worse, politicians. Under such a regime, inflation of three or four percent annually has come to be viewed as a stellar monetary performance. However, under a more sound monetary system -- i.e., a gold standard -- such increases in the general price level would be seen as wildly inflationary.
G. Edward Griffin:
Inflation has now been institutionalized at a fairly constant 5% per year. This has been determined to be the optimum level for generating the most revenue without causing public alarm. A 5% devaluation applies, not only to the money earned this year, but to all that is left over from previous years. At the end of the first year, a dollar is worth 95 cents. At the end of the second year, the 95 cents is reduced again by 5%, leaving its worth at 90 cents, and so on. By the time a person has worked 20 years, the government will have confiscated 64% of every dollar he saved over those years. By the time he has worked 45 years, the hidden tax will be 90%. The government will take virtually everything a person saves over a lifetime.
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. ... This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard.
Judge Henry Clay Dean, 1868:
"This has always been the case in the history of paper money inflations; that the pretended benefactors of government have been simply swindlers, who have imposed upon the people their worthless promises to pay in lieu of [specie] as the pretext for their robbery.
For further information, see article on inflation from The Concise Encyclopedia of Economics: